General Agreement on Tariffs and Trade (GATT) is a multilateral agreement that was signed in 1947 by 23 countries to promote free trade by reducing trade barriers and tariffs. It was created to increase international trade and help boost economic growth. The agreement was eventually replaced by the World Trade Organization (WTO) in 1995. However, the principles of GATT still inform the work of the WTO.

The basic idea behind GATT was to eliminate trade restrictions and reduce barriers to trade between member countries. This was done by setting rules that all members had to follow. These rules covered everything from tariffs to intellectual property rights.

One of the key provisions of GATT was the Most-Favored-Nation (MFN) rule. This rule stated that any trade agreement between two member countries had to be extended to all GATT members. This helped to prevent discrimination against any particular country and ensured that all members had equal access to trade opportunities.

Another important provision of GATT was the tariff reductions. The agreement aimed to reduce tariffs and other trade barriers to make goods cheaper and more accessible to consumers. This was achieved through a series of rounds of negotiations where countries agreed to lower their tariffs on specific goods.

GATT also helped to create a more predictable and stable trading system. By setting clear rules and regulations, GATT prevented sudden changes in trade policies that could damage the global economy.

Overall, GATT was a successful agreement that helped to promote international trade and increase economic growth. While it has been replaced by the WTO, its principles still inform the work of the organization today.

In today`s world, many countries are still working towards reducing trade barriers and promoting free trade. There are several initiatives underway, including the Trans-Pacific Partnership (TPP) and the Transatlantic Trade and Investment Partnership (TTIP).

While there is still work to be done, the legacy of GATT lives on. By promoting free and fair trade, we can help to create a more prosperous and interconnected world.